Understanding Cryptocurrencies, Blockchain Technology and Regulations
By Veronica McGregor
Chief Legal Officer, Shapeshift
Recently, Grand View Research reported that by 2024, the global blockchain technology market size is expected to reach US$7.59 billion. The use cases for blockchain technology are plenty, ranging from smart contracts to RegTech, real and personal property transfer, securities exchanges, voting and more. This is not only indicative of the significant and growing interest in blockchain technology, but illustrates that no matter what the context, blockchain technology will almost certainly impact your business and life. And soon.
Notwithstanding the expanding universe of possibilities, blockchain technology was born as a payments technology and many of the most compelling use cases involve moving units of value, often referred to as “digital assets”. It should come as no surprise that the payments industry, already one of the most dynamic sectors in financial services, continues to evolve, propelled by blockchain-related innovations from established players and FinTech firms alike.
Chief among the developments in payments are the increasingly diverse options in cryptocurrencies. While still shrouded in mystery and suspicion by many who have yet to fully comprehend it, the development of cryptocurrencies is happening at a rapid pace.
Below are the basics of blockchain technology and cryptocurrencies, followed by a brief discussion of the state of global regulations ...
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